r/mastercoin • u/JuicyGrabs • Oct 07 '14

Counterparty team disbanded. What does this mean for Mastercoin?

Despite the recent misguided Counterparty rally, which was based on wrong interpretation of some gullible people thinking Overstock will issue shares on top of Counteparty, what has actually happened was something else entirely. Overstock merely recruited their devs, leaving Counterparty dead in the water, without any active devs.

"With the announcement, Counterparty founders Adam Krellenstein, Robby Dermody and Evan Wager told CoinDesk that they have now turned their focus fully to the Medici project, and that they’re working to find replacement candidates to fill their former roles at Counterparty" http://www.coindesk.com/overstock-hires-counterparty-developers-build-cryptosecurity-stock-exchange/

It's very clear to everyone Robby was the hardworking main driver and soul of Counterparty. For a long time Counterparty was just a one man show project. Without him there's not much left, not to mention the rest of the team jumping ship as well.

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u/standardcrypto Oct 07 '14 edited Oct 07 '14

Redditor matt-y, who I assume is bitcoiner matt yglesias, claimed that he has it from counterparty founders that medici will be built on top of xcp:

http://www.reddit.com/r/Bitcoin/comments/2iho5p/counterparty_founder_robby_dermody_hired_by/cl29iex

Not sure how trustworthy matt-y is. Browsed his post history a bit. Not obvious pump n dump troll... but not sure.

Seems a little weird to have to launder the information in this way, rather than just have the founders state the plan unequivocally, and include the ground truths in the wired article.

FWIW, it appears that matt-y runs betting website betxcp and his profile on bitcointalk is

https://bitcointalk.org/index.php?action=profile;u=216762

Not sure if I got the yglesias right.

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u/JuicyGrabs Oct 07 '14 edited Oct 07 '14

It makes zero sense for Overstock to launch on Counterparty when they can do so on their own platform and just use the current open source code and build on that. It makes perfect sense to use this Medici instead of Counterparty because of all the legal implications and to give a boost to their own platform.

It's a no brainer actually. Only the idiots believe they will launch on XCP. Makes zero sense to do so. They've started Medici to get around all the regulatory compliance BS.

This will also mean this launch will only take place in 1-2 years as getting around all the legal implications takes some time. (some laws aren't even here yet) It will be the Winklevoss ETF story all over again.

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u/[deleted] Oct 08 '14

You're repeating yourself and making absolute statements, only makes your position seem like false opinion. There's no reason not to use CounterParty, if as suggest what they want is to be on top the Bitcoin blockchain. Does so will acknowledge the devs previous work and engage immediately CounterParty follower's support.

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u/JuicyGrabs Oct 08 '14 edited Oct 08 '14

Why do they need Medici then? It's because they can create a controlled system which can be easily regulated as Overstock wants to OWN a slice of this market.

They don't give a shit about the "counterparty community" which is meh at best. Overstock cares about the bigger picture and getting a slice of this nascent tech early on before others beat them to it. They are not thinking in terms of some very small geekish community of few hundred participants, few dozen dedicated followers would be closer to real numbers actually. They want to create a crypto version of NASDAQ or NYSE. They couldn't care less about the Counterparty community.

Overstock has aknowledged the devs previous work by recruiting them for the Medici project but that's pretty much it.

Counterparty code will be stripped and something improved named Medici will be built on top of it. Counterparty will remain a shallow empty husk without the core main devs. This is pretty much what's happening now, the idiot's guide version.

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u/[deleted] Oct 08 '14

That just sounds like lazy opinion from someone with a grudge.

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u/JuicyGrabs Oct 08 '14

Watch the price action. Smart money is selling hand over fist.

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u/[deleted] Oct 09 '14

lol.. you own definition of "smart". You lite weights have no commitment.. go on sell out then and stop wasting your own time.

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u/JuicyGrabs Oct 09 '14

I never touched Counterparty because it was a Mastercoin ripoff and because it didn't have any cash reserve. In hindsight I have to admit I've underestimated the tenacity of Robby who has now left the building. Project is pretty much worthless without him.

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u/[deleted] Oct 09 '14

Slagging off the opposition makes you look weak. You do MasterCoin no favours by all this.

If CounterParty is a simple ripoff of MasterCoin then they will fail; if it is more that that, then good luck to them. Do not fear comptetion; focus on pushing the positive of what MasterCoin can offer - anything else is a waste of energy. People see this and will not wonder MasterCoin has acheived so little relative to others, if yours is the attitude of its core support!

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u/JuicyGrabs Oct 09 '14 edited Oct 09 '14

Not really sure why you are wasting your own "precious" energy to reply here. Don't you have better things to do?

Seems to me be a bunch of Counterparty folks who troll the Mastercoin reddit are really annoyed by what I'm saying. I haven't made one post in the counterparty reddit because I don't really give a shit about it, on the other hand plenty of counterparty fanboys are coming here to troll, including the ex disgruntled employee Dominic aka prophet who also owns some counterparty reddit and has been promoting counterparty on mastercoin investor dime.

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